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Buy TCNS Clothing; target of Rs 800: ICICI Direct

ICICI Direct is bullish on TCNS Clothing has recommended buy rating on the stock with a target price of Rs 800 in its research report dated September 19, 2022.

September 20, 2022 / 04:46 PM IST
 
 
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ICICI Direct's research report on TCNS Clothing


Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brands. • TCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoIC • Healthy balance sheet with cash reserves worth Rs 150+ crore.



Outlook


We maintain BUY recommendation on the stock. We value TCNS at Rs 800 i.e. 3x FY24E EV/sales (earlier TP: Rs 940).

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At 16:01 hrs TCNS Clothing Co was quoting at Rs 670.90, up Rs 30.05, or 4.69 percent.


It has touched an intraday high of Rs 673.55 and an intraday low of Rs 640.00.


It was trading with volumes of 5,705 shares, compared to its thirty day average of shares, a decrease of percent.


In the previous trading session, the share closed down 1.62 percent or Rs 10.55 at Rs 640.85.


The share touched its 52-week high Rs 932.55 and 52-week low Rs 493.65 on 17 November, 2021 and 20 June, 2022, respectively.


Currently, it is trading 28.06 percent below its 52-week high and 35.91 percent above its 52-week low.


Market capitalisation stands at Rs 4,134.73 crore.


For all recommendations report, click here


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TCNS Clothing - 200922 - icici

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first published: Sep 20, 2022 04:46 pm
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